It’s becoming increasingly important for every business to have at least basic technology to run daily operations in the current day society. Society is changing and so is its demand and supply for new products and services. With new technology emerging, we can only imagine the changes it will bring along to the business platform.
We asked entrepreneurs and business owners how technology will possibly affect their business tomorrow and here are the responses:
#1- Automation will increase
Automation will undoubtedly increase businesses, supplanting monotonous, time-consuming operations and boosting productivity. This will result in the creation of new employment requiring diverse skills and knowledge, including programming, data analysis, and machine learning. AI's role in business will continue to increase as it provides insights and answers to complicated problems.
Thanks to Umair Syed, SouthCentre Dental!
#2- Increased use of remote employment
The COVID-19 epidemic has hastened the trend toward remote work, and it is likely that this will continue tomorrow. Companies will require strategies to assist remote workers, including communication and collaboration tools, cybersecurity precautions, and performance monitoring systems. With organizations' growing reliance on technology, cybersecurity will continue to be a top priority tomorrow.
Thanks to Andy Flynn, SpryLyfe!
#3- Enhanced productivity and efficiency
Businesses stand to gain a great deal from the efficiency and productivity gains made possible by technological advancements. Data input and customer service are two examples of routine operations that could benefit from the use of automation software. To further improve firms' adaptability and productivity, cloud-based software can facilitate remote work and communication.
Thanks to Jamie Miller, Treadmill Review!
#4- Increase in customer experience
Technology can improve the customer experience by allowing businesses to tailor their offerings to each individual. Software like customer relationship management (CRM) can help firms keep tabs on their customers' activity so they can better target their advertising and improve their sales. Additionally, the instantaneous nature of chatbots and other AI-powered technologies can help support and assist customers, leading to greater happiness and loyalty.
Thanks to James Angel, DYL!
#5- Business model innovations
New forms of commerce and sources of income are becoming possible thanks to technological advancements. Online shopping, for instance, has simplified and reduced the price of accessing customers all over the world. There are now more options than ever for solopreneurs and small businesses because of the proliferation of the gig economy and platform-based enterprises.
Thanks to Bram Jansen, VPNAlert!
#6- Greater accessibility
Technology has the potential to help firms expand their customer base and enhance their overall market share. For instance, companies can engage with clients all over the world by utilizing digital marketing strategies such as search engine optimization (SEO), social media marketing, and email marketing. Additionally, technology has the potential to give businesses the resources necessary to develop mobile-responsive websites and applications.
Thanks to Alice Hall, Rowen Homes!
#7- Increase in cybersecurity risk
As the use of technology becomes increasingly pervasive across all aspects of a company's activities, it also introduces novel vulnerabilities. For instance, companies run the risk of having their data stolen, of being the target of cyberattacks, and of other forms of internet security risks. Companies have a responsibility to safeguard their information assets, including their systems, networks, and sensitive data, by instituting stringent cybersecurity standards and providing personnel with training.
Thanks to Olivia Tonks, Fleet Education!
#8- Providing flexibility to employees
Technology has the potential to provide organizations with more leeway in terms of both their operations and their staffing levels. For the storage of data and the accessibility of apps from any location with an internet connection, for instance, organizations may employ cloud-based solutions. This can help organizations minimize their demand for real office space and enable workers to work remotely, both of which can improve employees' ability to maintain a healthy work-life balance.
Thanks to Jesol Umeria, Wide Fit Shoes!
#9- Increased competition
The main challenge technology advancements pose for a business in the future is increased competition. In the U.S. especially, there's been a huge social movement of people starting a business. But many of these start totally from scratch and use informal online research to borrow business models and ideas. There's nothing wrong with using the resources but it means that proprietary secrets are becoming rare, and anyone with an internet connection and start-up funding can choose to enter into an industry.
Thanks to Marco Scanu, Visa Business Plans!
#10- Enhanced communication
Technology has also improved communication within businesses. With the rise of instant messaging platforms and video conferencing tools, businesses can now communicate with employees and customers in real time. Technology has enabled businesses to expand their reach, regardless of their geographical location. Additionally, social media platforms have become an essential tool for businesses to connect with their customers and build brand awareness.
Thanks to Jeff Mains, Champion Leadership Group!
#11- Increased use of Internet of Things
The Internet of Things (IoT) is a network that consists of interconnected devices that are able to speak with one another and share data. This technology has the ability to completely revolutionize the way in which businesses function, from streamlining the logistics of supply chains to enhancing the quality of interactions with customers. For instance, businesses can use the Internet of Things sensors to monitor the functioning of their equipment, keep track of inventory levels, and identify possible problems before they result in downtime.
Thanks to Mark Lindquist, Community Phone!
#12- Increased use of blockchain technology
Blockchain is a decentralized public ledger that eliminates the need for third parties in financial transactions, making them both more secure and more transparent. This technology has the potential to completely transform numerous sectors, including the healthcare industry, the financial sector, and the management of supply chains. For instance, businesses can utilize blockchain technology to simplify the process of making payments across international borders and protect sensitive data.
Thanks to Jay Soni, Yorkshire Fabric Shop!
#13- Utilization of AR and VR
Augmented reality (AR) and virtual reality (VR) have the potential to revolutionize how companies engage with their employees and customers. For instance, businesses can utilize AR and VR to create immersive training experiences, depict items in real-world locations, and provide virtual tours of their facilities. These are just a few of the many uses for these technologies.
Thanks to Alan Perkins, RadialZone!
#14- Less time spent on manual tasks
I feel the biggest way technology, especially AI, is going to help my SEO agency reduce the time spent on manual tasks including blog writing. While the AI’s not mature enough to write blogs with a “human touch”, I use them for content research and building a foundation for the content. It’s definitely the most useful for finding pillar content topics when onboarding a new client, finding blog topics, and writing an outline for blogs.
Thanks to Tejaswini Parker, T Parker Marketing!
#15- Faster website loading and user experience
Being a digital marketing company, we experience ongoing change as a result of developments on the internet. We are currently interested in the potential comeback of flip phones. Manufacturers of smartphones, like Samsung and Microsoft, are already considering devices that can fold back to become tablets when necessary. This means that as web designers, we must advance the concept of responsive websites We are also taking a look at the Core Web Vitals, which are expected in 2021, and will examine several crucial elements that affect how users interact with websites.
Thanks to Andrii Pominav, Digital Skills Blog!
#16- Boost effectiveness
I can argue that as a relationship specialist, technology has played a role in both my personal and professional life. As many transactions are now made online, it doesn't negatively affect my business during these difficult times. And I'm happy to report that during this pandemic, when most families are juggling tensions and disagreements, I was able to assist many couples and families through technology. Technology is crucial today and in the future since, in my opinion, it has benefited us in several ways.
Thanks to Leo Ye, Cubo World Inc.!
#17- Easier sharing and communicating
From my perspective, each firm needs interaction and the exchange of knowledge. Technology makes everything faster, easier, and more efficient. We all have positives and cons to using Slack, Zoom, Microsoft Teams, Facebook and Twitter, chatbots, and more. Sales enablement tracks consumer buying interactions and analyses user activity. Thorough intelligence makes it easy to obtain customer information and use it to improve the client experience. Technology helps us target communication by evaluating client data.
Thanks to Andrew Priobrazhenskyi, DiscountReactor!
#18- Enhancement through augmented reality
As a CEO, I am constantly evaluating how technology will affect my business both in the short and long term. AR has the potential to revolutionize the way we interact with customers and products. With AR, customers can use their smartphones or other devices to see how products would look in their homes, try on clothes virtually, or even test drive a car without leaving their living room. As a result, AR could significantly enhance the customer experience and help us drive sales.
Thanks to David Cohen, Flower Station!
#19- Analyzing data faster
In the SEO and PPC industries, technology is a huge part of how our industry changes. The way we run SEO and PPC marketing campaigns is already changing because of new technologies like artificial intelligence (AI) and machine learning. AI-powered tools can help us analyze data faster and more accurately, so we can make better decisions about who to target, how to bid, and how to make ads. My team already uses systems like Jasper, Quillbot, and ChatGPT to create better campaigns for our partners.
Thanks to Cody Jensen, Searchbloom!
#20- Easier consumer accessibility
An entrepreneur like me would agree that technology is necessary for daily business transactions. Gone are the days of performing redundant and inconvenient tasks thanks to technology. One, technology helps us establish clear communication lines with our target audience. Your brand’s message smoothly reaches your intended marketing through technology. Likewise, technology provides accessibility for our consumers by making brands more relevant.
Thanks to Sebastian Montoya, M&A Community!
#21- Enhanced team dynamics
As a business owner, I have witnessed firsthand the positive impact that technology can have on team dynamics. With the ability to communicate and collaborate seamlessly across different locations, our employees are able to work together more efficiently and effectively than ever before. This not only improves productivity but also fosters a stronger sense of camaraderie and unity among team members. With the help of technology, we are able to break down barriers and build stronger relationships with our employees, regardless of where they are located.
Thanks to Omer Usanmaz, Qooper!
#22- Evolution of communication technology
The need for communication and efficient business operations will drive the evolution of communication technology. Advanced tools like Microsoft Teams and Zoom will allow for better collaboration and personalized messages, improving engagement with customers. Future trends will bring about new technologies such as augmented reality and virtual reality, revolutionizing the way businesses communicate and collaborate.
Thanks to Ray David, Poggers!
#23- Easier access to information
In our business, technology helps us connect with clients in new ways. We can now provide them with easy access to information, resources, and other people who can help them find what they need. This allows us to spend more time on our mission: matching seniors with services that suit their needs and preferences. We know that technology is an integral part of our future as well as our present, so we're committed to staying ahead of the curve by continuing to innovate and improve our offerings.
Thanks to Tyler Seeger, Retirement Being!
#24- Increased accuracy and precision
Technology has the potential to both positively and negatively impact firms that provide location marketing services such as mine. Location-based marketing heavily relies on the accuracy of location data. The use of advanced technologies like GPS, beacons, and Wi-Fi triangulation can provide more precise location data, which can help my firm better target its marketing efforts. With the help of technology, my firm can collect more data about its customers, such as their location, search history, and browsing behavior.
Thanks to Joshua Rich, bullseyelocations!
#25- Help in data-driven decision-making
The increasing availability of data and analytics tools will enable digital marketing agencies to make more informed decisions. With the rise of technology especially AI and Machine Learning, we will need to develop expertise in data analysis to stay ahead of the curve. It will help us increase focus on ROI, and we can more accurately measure the effectiveness of our campaigns and adjust our strategies accordingly. It will lead to a greater focus on ROI and a shift away from more traditional metrics like click-through rates and impressions.
Thanks to Jeremy Dawes, Jezweb!
#26- Dependence on AI and personalized data
When I think of the future, technology isn't just what will shape it. As an alternative, it represents the public face of modern and future commercial enterprises. Tomorrow, my website hosting and front-end development company will rely largely on big data (AI) and customer-specific information to stay competitive (in equal measure.) As a result, I find artificial intelligence (AI)-enabled personal assistants such as Alexa quite interesting. The future of my company rests with them.
Thanks to Jamie Irwin, TutorCruncher!
#27- Help improve safety features
Technology will likely continue to open up more possibilities for wood chip grills in the future. In the short term, we could see improvements in the efficiency of wood chip grills, as well as more efficient and user-friendly ways of controlling and monitoring them. The technology could also help to improve safety features and even automate some of the processes involved in using a wood chip grill. In the long term, we could even see more innovative ways of using wood chips for grilling, such as through the use of augmented reality.
Thanks to Mick Humphreys, Z Grills Australia!